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Common Stock Repurchases
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9 Months Ended |
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Sep. 27, 2014
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| Common Stock Repurchases [Abstract] | |
| Common Stock Repurchases [Text Block] |
Note 17: Common Stock Repurchases
Common Stock Repurchase Program
We have an ongoing authorization, originally approved by our Board of Directors in 2005, and subsequently amended, to repurchase up to $65 billion in shares of our common stock in open market or negotiated transactions. This amount includes an increase of $20 billion in the authorization limit approved by our Board of Directors in July 2014. As of September 27, 2014, $16.4 billion remained available for repurchase under the existing repurchase authorization limit.
During the third quarter of 2014, we repurchased 119.5 million shares of common stock at a cost of $4.1 billion (23.6 million shares of common stock at a cost of $536 million during the third quarter of 2013). During the first nine months of 2014, we repurchased 217.4 million shares of common stock at a cost of $6.8 billion (72.1 million shares of common stock at a cost of $1.6 billion in the first nine months of 2013). We have repurchased 4.6 billion shares of common stock at a cost of $98 billion since the program began in 1990.
Restricted Stock Unit Withholdings
We issue restricted stock units as part of our equity incentive plans. For the majority of restricted stock units granted, the number of shares of common stock issued on the date the restricted stock units vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. In our consolidated condensed financial statements, we also treat shares of common stock withheld for tax purposes on behalf of our employees in connection with the vesting of restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan. During the first nine months of 2014, we withheld 11.7 million shares of common stock to satisfy $314 million (12.6 million shares of common stock to satisfy $280 million during the first nine months of 2013) of employees’ tax obligations.
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